Page 1

CONNECTING CHILDREN WITH THE BANKING SYSTEM

PRERNA AGARWAL CARA COLUCCI NICK LEWIS DANIELLA PENA


TABLE OF CONTENTS


WHAT WE DID HOW WE DID IT PROBLEM DESIGN PROPOSALS


WHAT WE DID

4


PROJECT ABSTRACT Banking is not a child friendly system yet children are the future of our financial well-being. Considering the systems and understandings already in place we propose a learning and savings program to be implemented through large banks. Targeted towards parents with 5-8 year old children, the program will include learning tools such as a child friendly bank account and a tangible starters kit for kids, to guide parents in teaching their kids about banking.

5


WHAT WE DID

RESEARCH OBJECTIVES: . How do children currently understand mon . What do children know about where money . How can we educate children on the way m . What tools are most effective in teaching/lear . Are there any current means of teaching chi 6


ney/ value exchange? y comes from or is kept (banks)? money grows and loses value? rning? ildren about money in the school environment? 7


FIELD


D WORK: WHERE:


WHAT WE DID

10


CMOM: WHAT IS CMOM? CMOM is a museum targeted towards the little people in the world their mission is to prepare them to succeed in school, live healthy lives and become creative, global citizens through exhibitions, innovative programs and shows. The point of this field work was to walk the museum and observe and compare the different areas and how they change respectively to target age group. The museum is carefully designed by professionals through research, evaluation and testing to break down cultural and language barriers and address the ways children learn. From this observation we hoped to gain understanding on the developmental stages of children’s learning and pick up on tools that could get used in teaching about money.

QUESTIONS OF FOCUS: How can we educate children? What tools are most effective in teaching/learning?

11


WHAT WE DID

TELL ME MORE... 4 major priority areas: early childhood, healthy lifestyles, creativity, and world culture. Welcomes kids and families until young adolescents but certain areas of the museum are catered to specific age groups (not open exclusively). Exhibits and programs are segmented into 4 major priority areas:

1 Early Childhood prepares children for success in school.

2 Healthy Lifestyles promotes physical, emotional & environmental well being.

3 Creativity inspires creative and analytical thinking skills through the arts & sciences.

4 World Culture provides childrens with awareness and understanding by contextualizing our diverse society.

12


13


WHAT WE DID

I’m I’m herehere to work. to work.

CMOM CMOM EMPLOYEES EMPLOYEES

PARENTS PARENTS

AGES:AGES: 18-4518-45

AGES:AGES: 28-4028-40

CULTURES: CULTURES: MostlyMostly Caucasian Caucasian

CULTURES: CULTURES: (Varied) African (Varied) Asian,Asian, African American, American, Hispanic, Hispanic, SomeSome Caucasian Caucasian

ROLES: ROLES: Teaching Teaching workshops, workshops, Cleaning-up, Cleaning-up, Guiding Guiding children children through through activities activities

14

I’m I’m herehere to visit. to visit.

INCOME: INCOME: $30,000$30,000$150,000 $150,000


I’m here to learn.

CHILDREN AGES: 1-6 CULTURES: (Varied) Asian, African American, Hispanic, Some Caucasian LEARNING STYLES: Predominently hands-on, combination of audio & visual experience

COMMUNITY CHARACTERS In CMOM we observed the interaction between employees, parents, children and the environment. We focused on these groups because they are the three main players in the CMOM learning system. We paralled these individuals with those we forsaw as interacting in the system that connected children with banking.

15


WHAT WE DID

16


CALHOUN SCHOOL WHAT IS C.S? The Calhoun School is a progressive, independent, college preparatory school located in the heart of Manhattan’s West Side. As we were not granted permission to physically vistit schools to conduct the activities we had planned, we reached out to The Calhoun School (elementary level) and got permission to send them activity sheets for the students to filll out. These activity sheets were completed in two sets: the first focusing more on the bank and money, while the second focused on getting feedback for our deliverable.

QUESTIONS OF FOCUS: How do children understand money? What do children know about where money comes from and where it’s kept? Is money already getting taught? How?

17


WHAT WE DID

TELL ME MORE... Calhoun’s progressive approach to education attends to the intellectual, emotional and social growth of its students as individuals and as members of a larger society.

18


Progressive education is distinguished by a number of key traits:

. People learn best through experience and discovery. . Education should be more than just disseminating facts; it should prepare learners to be critical thinkers and thoughtful citizens.

. Multiple styles of teaching are needed to address the diversity of intelligences, talents and learning styles. Teachers must educate the “whole child.�

.An environment should be created in which children

learn to be compassionate, to respect others, to value equity and justice, and to understand their place in the world. 19


WHAT WE DID

I’m here to teach.

I’m here to learn.

20

TEACHERS

STUDENTS

AGES: 32-68

AGES: 8-10

GRADES: 2nd, 3rd & 4th

GRADE: Fourth

SUBJECTS: Social Studies, Art, Math

BOROUGHS: Upper West Side, Soho, Nolita, Noho,


COMMUNITY CHARACTERS The groups we focused on in the Calhoun school were both students and teachers. While our research was intended for 7 and 8 year olds, the teachers did not have very much success so had to expand the activity sheets up to 9 and 10 year olds.

21


FIELD WORK: M


METHODOLOGIES


HOW WE DID IT

24


CMOM: Hypothesis:

Kids like to learn independantly from their parent

Observations:

We concentrated on the areas of the museum that promoted critical thinking and focused on providing awareness and understanding.

Interviews:

We interviewed based off availability and activities children were performing; we did not ask questions to those who were not interacting very much in the museum. 25


HOW WE DID IT

. . . . . . 26

OBSERVATIONS Hands on learning/ learning through play. Sensory attractions and learning tools: “manipulatives� More physical rather than digital material. Room for trial and error because child is given immediate feedback. Bright, primary colors; engaging because the child felt it was something they can touch. Things were scaled down to the perspective of the child.


27


HOW WE DID IT

28


29


HOW WE DID IT

I’m here to learn.

INTERVIEWS & SHA STEPHANIE AGE: 4 CHILDREN AGES: 1-6 CULTURES: (Varied) Asian, African American, Hispanic, Some Caucasian LEARNING STYLES: Predominently hands-on, combination of audio & visual experience

Prefers to learn with her father as opposed to individially. Since her father works during the day, she tends to be well-behaved when he’s around. When in assistance, she is highly dependent on museum workers and her father. She prefers to learn hands-on rather than watching characters on a screen. Is aware of money that her parents have, asks for it to buy toys but has no deeper understanding.

30


ADOWING JACOB AGE: 1.5 His favorite section of the museum is the “manipualtives� section. He prefers to interact with play materials that elicit immediate response (i.e press button and a light goes on). He enjoys his independence but constantly seek approval of his mom and aunt when he has accomplished something by himself. He is too young to learn about money but is starting to understand the concept of sharing.

31


HOW WE DID IT

CMOM TAKEAWAYS: . Children and parents want to learn together;

exhibits. . Children like learning with things they can phys more engaging. . Children relate the most with bright colors; it stimulant. . Children are attracted most to activities that re the kitchen, the house make them feel as thoug . Children preferred objects that elicit immedia tactile. . Eventhough most of the museum is catered tow just as enthusiastic about taking part. 32


; alot of parents enjoyed playing with the

sically manipulate; it motivates and makes it

encourages interaction and serves as a visual

einact reality; attractions like the fire engine, gh they are acting like adults. ate feedback, either visually or auditorily over

wards elementary kids, 8-10 year olds were

33


HOW WE DID IT

CALHOUN SCHOOL: Hypothesis:

Kids have a basic understanding of money and value but only a vague understanding of the bank.

Activity Sheets/surveys:

TO STUDENTS: 1. Set of 5 sheets to get filled out over a week. Sheets focused on value, banking activities and what children did on their spare time. 2. Follow up sheets focused on proposal feedback. TO TEACHERS: 1. A brief questionnaire asked about money education withing the school curriculum. 34


35


HOW WE DID IT

SPECIFICS: here I’mI’m here to teach. to teach.

here I’mI’m here to learn. to learn.

10

TEACHERS

TEACHERS TEACHERS

36

54

26 GIRLS 28 BOYS

STUDENTS

STUDENTS STUDENTS

AGES: 8-10 AGES: 32-68 AGES: 8-10 AGES: 8 year olds 32-68 were not interested or enthusiastic about participating with activity sheets and were not2nd, filling them out very well so Fourth they Fourth recopied and gave them GRADE: GRADES: GRADE: GRADES: 2nd, 3rd &3rd 4th& 4th to 9 year olds (4th graders). BOROUGHS: BOROUGHS: SUBJECTS: SUBJECTS: Upper Upper WestWest Side, Side, Studies, SocialSocial Studies, Art, Art, Nolita, Noho, Soho,Soho, Nolita, Noho, MathMath


DEFINITION

MATCHING

DRAWING

CIRCLE


HOW WE DID IT

ACTIVITY SET: KEY FINDING MONEY When asked to draw pictures of the first thing that comes to mind when they think about money, girls drew materialistic things while boys referred to money itself and emotions of happiness. Boys have a good understanding of value - they

understand what items are worth the same; however, girls are better at accurately pricing items. Girls tend to spend money they have while boys like to save. Girls seem to spend on clothes and toys while

boys are more towards food and electronics. 38


GS

39


HOW WE DID IT

BANKING There was a correlation between having a bank account and number of questions answered correctly. Not a single girl answered all banking questions

correctly.

There is little understanding of the difference between debit and credit card; kids seem to think they are the same. Boys have a better understanding of the bank and money related items than girls.

40


41


HOW WE DID IT

LEARNING AND PLAYING Children do not want to learn through an automated system, they like to learn with their parents, or having a qualified adult explain it to them. The most preferred method of learning is reading and having it explained to them. When it comes to learning about money, boys want to be more independant while girls do not want the responsibility; girls want parents to keep track of their money. All children showed interest in being able to interact a the physical bank as opposed to a school curriculum. 42


Kids identified most with information provided with both text and image. Icons are an effective way to make the banking system more approachable to kids; they communicate a universal message.

There is a preference to learn through reading stories for both genders; stories should be relatable and concise.

43


HOW WE DID IT

44


TEACHER FEEDBACK Money is not taught directly in curriculum; always linked through something else. Kids struggle with understanding money growth. All felt is was important that kids learn about money; though felt is had to stay basic at younger ages. All said kids have some knowledge just by listening to conversations between parents and other peers. 45


IDEN


NTIFIED PROBLEM


PROBLEM

PROBLEM STATEMENT

Children are not explicitly educated on money and bankin do not have an active role in the experience and therefor children are only afforded the opportunity to observe and rather than saving. This limitation is present across the boa perception based on gender. Most boys relate money to h most girls see it as connected to material items such as cl

An effective learning method is the idea of learning by do banking system if they were given the opportunity to beco banking system is not ‘child friendly’; while banks have the relevant to children. Child friendly experiences promote in simpliflying and recreating a journey from the child’s persp because they reflect the characteristics embodied in toys 48


ng. While they do visit the bank with their guardians, they re do not see its relevance in their daily lives. Consequently, d participate in consumption, which promotes spending ard nevertheless, there seems to be differences in money happiness, positive emotions and wealth accumulation; lothes, jewellery and toys.

oing; children would have a better understanding of the ome an active player within the system. However, the tools, they are not presented in a way that is relatable and nteractivity and participation within a physical space by pective. Bright colors, and fun graphics welcome the child and play. 49


DE


ESIGN PROPOSAL


DESIGN PROPOSAL

D LI VAHRU T

52


LITTLE BANKERS We came up with a bank account concept for kids to be implemented throughout CitiBank, the most used bank in our surveys. The account would allow parents to save money for their child’s future while simultaneously providing their children with the knowledge of everyday banking tools, ways of saving and watching their money grow through a kid-friendly starter kit and online interface. We chose to stick with a physical product because our research showed that most children prefered handson learning to anything virtual. Through our research, we noticed a correlation between children who had bank accounts and their understanding of the banking system. Based on this insight, we felt that a child-friendly bank account with supplimentary tools would be a good approach to teaching banking fundamentals.

53


DESIGN PROPOSAL

a Pen lla

123 4

nie Da

Since both boys and girls lacked a general understanding of the concept of debit cards, we created a debit keychain that uses lights to represent money entering and exiting the account. When a child puts money into his/her account, the lights will approach the right side of the card and when money is being used up the lights will shut off, starting from the right and moving to the left.

VA TH LID RU

THE STARTER KIT

54


The storybook provides the child with a short tale about money for each day of the year. The book describes money mishaps and successes with children their age as the leading characters. Girls storybooks describe tales revolved around more material items (purchases) because our reasearch proved they found this more relatable. Boys stories focused more on money growth and interaction with banking tools to create wealth.

55


DESIGN PROPOSAL

THE STARTER KIT The log book helps children keep track of their spending in a physical way in addition to what is available on the website. In our research, we found that boys were more enthusiastic about being independent and keeping track of their own money while girls were highly dependent on their parents to do it for them. We feel the log book will appease the desires of the boys while encouraging the girls to take more responsiblity in tracking their spending.

56


A set of deposit and withdrawl slips allows the child to become familiar with basic banking tools. The options to SPEND, SAVE or SHARE correspond to the options on the Little Bankers CitiBank website.

57


DESIGN PROPOSAL

58


THE WEBSITE The Little Bankers website can be accessed through the CitiBank website. It is simply split up into three sections: SPENT, DONATED and SAVED. Our follow up acticity sheet determined that these three icons were the most recognized by children in relation to their meaning.The child can click any icon to see how their money has been spent in each area.

59


DESIGN PROPOSAL

60


The SPENT section splits up the child’s purchases into three main spending areas, determined through our research. These include toys/electronics, food and miscellaneous purchases. By clicking on one of the three icons, the child’s purchases are automatically catagorized according to purchase type. A graph at the bottom also tracks how much money was spent on each of day of that month.

61


DESIGN PROPOSAL

62


As a way to understand money growth, investment and saving we included a interest calculator with a visual chart. The chart shows the kids how money would grow if it was placed in a bank account. We felt this was a key feature as kids already related money to happiness and things they wanted; buy showing them that saving could give them more money the kids could get motivated to save more.

63


DESIGN PROPOSAL

THE EXPERIENCE The bank environment considers the needs of the child. The teller window is scaled down proportionately to allow children to easily deposit and withdrawl funds. The ability for the child to partake in the experience creates a sense of empowerment and responsiblity. Bank personnel are educated on the differing interests of gender and roles in which they prefer to pay in the banking system.

64


I’m here to work.

65


APPENDIX


APPENDIX

RESULTS: ACTIVITY SHEET 1 QUESTION Do you go to the bank?

ANSWERS Yes No

Who do you go to the bank with?

parents nanny other n/a

24 1 2 3

17 4 3 2

41 5 5 5

Yes Don't know no somewhere else someone else

14 5 4 6

9 8 8 2

23 13 12 8

What is the account for?

save college don't know fun n/a

15 7 6 3 1

9 5 6 3 6

24 12 12 6 7

How do you get money?

chores allowance gifts other

14 10 11 9

12 12 10 8

26 22 21 17

clothes + food hanging out other in my room put it in the bank my parents other

4 4 6 16 13 13 6 3

7 3 4 18 14 8 3 5

11 7 10 34 27 21 9 8

Picture * missing nicks

money piggy bank item/ belonging/ product feeling bank/ banking item n/a

16 1 4 2 0 1

11 1 7 3 2

27 2 11 5 2 1

To put money in the bank

fill out deposit slip assigned vault don't know

20 2 6

21 2 3

41 4 9

open an account

atm teller don't know

5 18 5

6 19 1

11 36 6

transfer money

atm bank website don’t know

4 19 5

2 13 11

6 32 16

take out cash from atm

debit card credit card both don't know

13 8 1 6

5 15 1 5

18 23 2 11

Do you use the internet

yes

28

26

54

other: grandmother, sister, stepdad

Do you have a bank account other: bedroom, box, wallet, stocks

other: street, collect, christmas, I just get it, find it in my house, all, holidays, good behavior,

BOYS 23 2

GIRLS TOTAL 22 45 4 6

just ask

What do you use money for?

toys, video games, other stuff, nothing, electronics,emergency I save it, gun license, candy, snacks

Where would you save money? hide it, wallet, in life

68


To put money in the bank

fill out deposit slip assigned vault don't know

20 2 6

21 2 3

41 4 9

open an account

atm teller don't know

5 18 5

6 19 1

11 36 6

transfer money

atm bank website don’t know

4 19 5

2 13 11

6 32 16

take out cash from atm

debit card credit card both don't know

13 8 1 6

5 15 1 5

18 23 2 11

Do you use the internet

yes no

28 0

26 0

54 0

how often

every day once a week 3 times a week other

11 1 5 10

9 2 5 10

20 3 10 20

surf movie and tv games n/a other

12 15 23 0 1

11 12 15 0

23 27 38 0 1

best way to learn

game video reading having someone explain

6 6 12 17

4 4 18 12

10 10 30 29

help in a bank

bank person parents machine other n/aa

11 13 4 2 1

13 13 4 0 0

24 26 8 2 1

keep track of money

website phone app notebook parents n/a

5 5 16 2 1

4 1 1 14

9 6 17 16 1

parents bank

bank of america chase hsbc citibank td bank other don't know more than one

5 12

4 9

10 2 2 3 5

5 2 4 7 5

once in a while, 4x a week, 2-4 x a week,

5x week, sometimes, not sure

what do you do on internet digital designer

internet

comers?

9 21 0 15 4/24/20114/24/2011 6 10 10

69


APPENDIX

RESULTS: ACTIVITY SHEET 2 1 Which would you like better? TOTAL To read a story To be told a story

BOYS 29 23

GIRLS 14 12

15 11

We found that there is a preference to read stories for both boys and girls. However the vote of reading a story did not win by a significant margin. Therefore Allowing for a skew in data that the children could enjoy a mix of each.

2 Do you think you could learn something by being told a story? Yes No

46 8

22 6

24 2

We found that overall both boys and girls think you can learn something from a story. Only a couple of boys and girls said no. Therefore allowing us to conclude that it would be best to tell a story of some sort about the bank experience.

3

Which story do you like better? Short Long

35 19

20 8

15 11

We found that it might to easier to keep the children’s attention span if we made sure the stories were on the shorter side. While we did have a significant response saying that they preferred longer stories, we must take into account that this is an activity, not one taken on because the subjects chose to do so. Therefore we think it would be ideal to make sure the stories do no test the attention span of the child. 4 70 Which story is better? A story with only words

15

5

10


that this is an activity, not one taken on because the subjects chose to do so. Therefore we think it would be ideal to make sure the stories do no test the attention span of the child. 4 Which story is better? A story with only words A story told by pictures A story with pictures and words

5

15 9

5 7

10 2

30

16

14

We found that overall the children would prefer stories with both text and pictures. This is considered to be very valuable because the use of pictures will also allow for creation of standardized icons, which could then be featured elsewhere. There hopefully allowing children to learn and understand new situation related the specific icons quicker and easier.

Are activities a good way to learn how to do something new? 55 Are activities a good way to learn how to do something new? 25 Yes 49 24 No 5 3 2 Yes 49 25 24 Noaddition to the stories, activies are considered 5 to be a good way 3 to learn by 2 In the children. Both the boys and the girls have a majority consensus that activities were overall beneficial. that the significantly no In addition to the stories, activiesWe arefeel considered to be a goodlow wayamount to learnofby answers couldBoth be contributed to the outliers who justconsensus want to say no for the children. the boys and girls(children have a majority that the sake of saying no).beneficial. We feel that the significantly low amount of no activities were overall answers could be contributed to outliers (children who just want to say no for the sake of saying no). 6 I learn more from an activity when... 6

7 7

learn more from an activity when... II do a workhseet 17 8 9 I do an activity or game on I docomputer a workhseet 17 the 17 108 79 Worksheets and the games I do an activity or game on or on the computer 20 10 107 theactivity computer 17 10 Worksheets and the games This was highly interesting the answers were or activity on the computerresults wise. All of 20 10relatively 10 similar. There was no majority vote for any of the answers. A combination of the two marginal winner. However, lack of answer to still be Thiswas wasthe highly interesting results wise. we All found of the the answers were relatively useful. factwas thatno there is no vote specific answer allows for the of a similar.The There majority for any of the answers. A use combination of the combination different medias. This is seen as a great situation because the two was the of marginal winner. However, we found the lack of answer to still be end product could focus on is multiple forms of media allowing diverse useful. The fact that there no specific answer allows for thefor use of a learning opportunities. combination of different medias. This is seen as a great situation because the end product could focus on multiple forms of media allowing for diverse learning opportunities. Where is the best place to do activities?

71


8

What would you like to learn to do at the bank? Deposit money and Withdraw money Learn how the bank makes you money Know how much money you spend? All

7

3

4

6

4

2

11 30

5 16

6 14

We found that a majority of both boys and girls would prefer to learn several methods. We think this is a great opportunity to mix various forms and media and activities. This will allow for children with various spans of attention to be accommodated depending on their mood. 9 Do you think it would be hard to remember how to desposit money, withdraw money, and know how much money you spend. Yes, it would be hard to remember. No, it would NOT be hard to remember.

30

18

12

24

10

14

We found that a majorty of the subjects thought it would be hard to remember to do everything. However, when broken down further, a majority of the boys think it would be hard. However, the women are split. While the no answer did win, it is still important to note that the results were split only marginally. Therefore allowing us to make the conclusion that girls think it will be easier to keep track than boys. 10 Do you think you could always remember how much money you have in the bank? Yes No

25 29

10 18

15 11

We found that overall, the kids think it could be hard to remember how much money they have at all points in time. When looking further, a majority of the boys though it would be hard, while a majority of the girls thought it would not be.

 

72


73


DESIGN AT THE EDGE: SPRING 2011 | MATEUSZ HALAWA: 8-9:20 AM

Little Bankers  

Connecting Children with the banking system

Read more
Read more
Similar to
Popular now
Just for you